3Q 2021 Financial Overview

☑ Investment and corporate highlights Financial Resilience ■ Counter-cyclical business model coupled with robust cost control ■ Secular growth of fees and commissions (F&C) across complimentary F&C business lines ■ Business-driven margin and collateral requirements sustainable net interest income (NII) " 7 generate Operating income F&C/NII split of 70/30 evolving towards F&C ■ One of the highest EBITDA margins among global peers ■ Attractive dividend policy: min. payout of 60%; target payout of 100% FCFE; track record of distributing 55-89% of 2014-2020 profits Strategic Stance ■ Low penetration of financial services indicates secular growth potential ■ The world's most diversified exchange with trading in 5 asset classes VS ~3 offered by "traditional" exchanges " Complete vertical integration of a trading engine with a clearing house and a central securities depository makes up a unique platform Cornerstone of the Russian financial system: MOEX brings together the tiers of the banking system by managing ~3/4 of their repo operations The world's only exchange focused on Russian financial assets in the market is open for competition (ex. the CSD). OTC is the main competitor B2B business model: investors trade via locally licensed brokers and banks. Foreign investors have SMA and ICM services at their disposal Corporate Governance ■ A 29-year history of successful and continuous implementation of infrastructural and regulatory reforms ■ No single controlling shareholder: free float of 63% with substantial international participation; the largest shareholder owns <12% ■ Most Supervisory Board members are independent directors (8 out of 12) ■ Established track record for efficient capital allocation Operational Excellence " All-electronic since 1997 ■ Vast in-house IT expertise: ~1/3 of staff are IT developers, supporting a CAPEX-light business model Single-tier clearing system requires all participants to provide eligible collateral in cash or securities to trade any asset class " Pre-trade risk checks forestall any "fat fingers"/"flash crash" problems " Low-cost product scalability: a new order book launch requires the equivalent of circa USD 10 thousand MOSCOW EXCHANGE 3

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